Where to Look for an Executor

It may be easy for some people to name an executor because the choice is obvious but others may face a challenge.

The task of naming an executor for your estate is important because that person is responsible for handling financial details and making sure your decisions are carried out in a timely manner. The majority of people choose a close relative or a friend as an executor but if you don't have an obvious choice what are your options?

Recently, Market Watch offered some advice for that situation in "My wife and I don't trust anyone to be executor of our will."

If you do not personally know someone who would make an appropriate executor, then you can seek the services of a professional. For example, some estate lawyers serve as advisors to executors and they are also capable of acting as executors themselves. Some banks and trust companies are also willing to administer estates.

Even though you might not know an estate attorney well, there is little reason to worry that the attorney will mishandle your estate. The attorney acting as executor is required to document everything and make an accounting for the court. Additionally, the attorney has a professional reputation to protect and maintain.

If you find it difficult to decide on the right person to handle your estate, meet with an estate planning attorney who perhaps could act in that position or advise you of your options.

Reference: Market Watch (May 31, 2016) "My wife and I don't trust anyone to be executor of our will."